Tim Cook, the CEO of Apple, who is currently visiting China, met with Chinese Commerce Minister of Commerce Wang Wentao and promised more investment in China.
According to the Chinese Ministry of Commerce’s website and state-run English newspaper China Daily on the 23rd, the two met in Beijing on the 22nd. China Daily released a video of Cook’s remarks and reported that Cook revealed this plan. Cook stated, “We continue to invest in China’s supply chain, research and development (R&D), and stores.” He also mentioned that Apple has recently expanded its Shanghai R&D center and opened a new mega-store separately.
In response, Wang told Cook, “China is willing to cooperate with the United States to create a fair, stable, and predictable business environment for American and Chinese companies.” He added, “China is promoting technological innovation, and fields like artificial intelligence and cloud computing provide tremendous opportunities for companies, including Apple.”
Relatedly, according to foreign media reports, Cook’s visit to China comes amid recent signs of Apple’s struggles in the country. According to a market research firm Counterpoint, iPhone sales in China decreased by 24% in the first six weeks of this year compared to last year. The Chinese government has banned iPhones for government employees and state-owned company employees. That’s why Cook purposely clings to China amid the escalating delisting between the United States and China.
Meanwhile, Cook is scheduled to attend the China Development Forum, a high-level forum held in Beijing for two days starting on the 24th. Premier Li Qiang will deliver a keynote speech, and there are reports that President Xi Jinping will meet separately with global CEOs visiting China, but this is subject to change.
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